MxG Organizational Partners have been working to translate our principles and values into a funding distribution guidelines document and process, getting feedback from stakeholders and refining as we go. We are supporting efforts in Maine’s entrepreneurial ecosystem using these guidelines. MxG Organizational Partners are following the evaluation rubric developed to reflect the MxG principles outline in the guidelines when reviewing requests for funding support.
We continue to refine our processes and learn as we go.
MxG Dictionary: “When we say X, we mean…”
The entrepreneurial ecosystem is a way to describe the elements outside the individual entrepreneur that support the choice of a person to become an entrepreneur or the probabilities of his or her success following launch of a new venture. The concept is described as an “ecosystem” because of the collective nature of entrepreneurship and innovation and the unpredictable nature of a true ecosystem, where the impact of naturally occurring elements is not always clear. New ventures emerge and grow not only because innovative, talented and visionary individuals created them and develop them. They emerge and succeed also because they are located in an environment or "ecosystem" made of many players, which nurtures and sustains them, making the act of founding, growing and scaling an innovative venture easier.
An entrepreneur creatively solves a problem by building a new product or service to generate revenue in spite of great risk. He or she aims high and takes chances, sees possibilities and targets markets beyond the local community.
An innovator is a person or an organization who is one of the first to introduce into reality something better than before. He or she is always thinking “there’s got to be a better way.”
Adding revenue at an exponential rate while expending resources at an incremental rate. One measure of scale is growth and size sufficient to be included on the INC 5000 list, or annual revenue over $2 million and three year cumulative growth over 40%.
A self-organized network of people united by a common desire to promote success beyond their own, who collaborate by sharing ideas, information, and other resources. The whole is greater than the sum of its parts, and is inherently anti-hierarchical and organic.